African Reinsurance Corp.

African Reinsurance Corp. (Africa Re) is a pan-African reinsurer known for strong results and broad regional reach. In 2024, it wrote $1.2 billion in reinsurance premiums and earned $132 million net income.

History of African Reinsurance Corp.

Africa Re was founded in 1976 in Yaoundé, Cameroon, to support African reinsurance growth. Its creation came from a push by the African Development Bank and 36 African states.

The goal was to keep more reinsurance premiums within Africa. Here are major moments in African Reinsurance Corp.’s development and expansion:

• 1980: regional office opened in Casablanca, Morocco, expanding the company's North Africa presence
• 1992: capital opened to local African insurance firms with majority local ownership
• 1996: received its first domestic credit rating in South Africa from Fitch IBCA
• 2001: capital raised to $100 million and opened to non-African development investors
• 2010: Africa Retakaful, its Islamic reinsurance arm, launched in Cairo as a full subsidiary

2013: listed among the world’s top 40 reinsurers by Standard & Poor’s

• 2014: AM Best raised its rating from A- stable to A- positive outlook
• 2015: new corporate logo launched to reflect global standards and future growth goals
• 2016: AM Best upgraded rating from A- excellent to A excellent and stable outlook

In 2023, Africa Re was ranked 38th among the world’s top reinsurers by S&P Global. It reported $772 million in gross written premiums which marked its global position.

Reinsurance products and services

African Reinsurance Corp. offers regional reinsurance solutions through treaty, facultative, statutory, and Islamic-based models.

Treaty reinsurance

Africa Re provides both proportional and non-proportional treaty arrangements across many markets:

• quota share
• surplus
• facultative obligatory
• risk excess of loss
• catastrophe excess of loss
• aggregate excess of loss

Facultative reinsurance

African Reinsurance Corp. provides single-risk solutions under tailored agreements:

• proportional facultative
• non-proportional facultative

Statutory reinsurance

The firm accepts compulsory cessions under its founding 1976 agreement with member states. These treaty cessions apply to insurers in member countries and are mostly voluntary today.

Reinsurance pools

Africa Re manages joint reinsurance capacity for high-risk sectors:

• African oil & energy pool
• African aviation pool
• energy and allied insurance pool of Nigeria

Africa Retakaful (Islamic reinsurance)

The company provides Sharia-compliant coverage through its Cairo-based subsidiary:

• proportional
• non-proportional

Africa Re also adjusts services in Asia to fit local regulations and risk conditions. In Brazil, it provides treaty and facultative reinsurance consistent with its global strategy.

Culture and core values

African Reinsurance Corp. helps grow Africa’s economy by strengthening national, regional, and sub-regional reinsurance capacity. Its mission supports underwriting growth and greater premium retention across local markets.

The company’s vision is to lead in African reinsurance by offering quality service to clients and partners. Its values are:

• integrity
• professionalism
• leadership
• accountability
• respect
• continuous improvement
• innovation

These values reflect over 40 years of work shaping Africa’s leading reinsurance organization.

Workplace environment and benefits

African Reinsurance Corp. promotes a safe, respectful setting that supports fair conduct and ethical behavior. It works to prevent harassment and create equal space for staff across all levels. It provides staff with:

• performance bonus: annual reward based on staff performance
• education subsidy: school support for up to four children
• medical cover: health plan for staff and dependents
• housing allowance: monthly support toward employee housing needs
• inflation adjustment: revised based on current economic conditions
• basic salary: aligned with support staff grade structure
• provident fund: 14 percent employer and 7 percent employee salary contribution

Africa Re recruits based on skill, merit, and business need. Open roles are published on its website.

Educational sponsorships and training programs

African Reinsurance Corp. supports the African Leadership University to grow talent in insurance and reinsurance. It joined ALU as a Corporate Platinum Partner to promote higher education in Africa:

• insurance training: supports ILO’s Impact Insurance Facility programs
• infrastructure funding: financed library development at WAII Gambia
• course development: works with London School of Insurance to design reinsurance training

Through its social programs, Africa Re also funds African training centers like WAII and IIA Yaoundé.

Corporate social responsibility

African Reinsurance Corp. supports the communities where its people live and work. It follows ethical practices shaped by strong environmental, social, and economic values. The company aims to be respected for more than just financial results.

The future at African Reinsurance Corp.

In 2024, Africa Re announced that it surpassed a billion-dollar milestone in gross written premiums. The company reported strong gains from investment income, portfolio growth, and risk management strategies. Its leadership remains focused on building sustainable and progressive success.

African Reinsurance Corp. saw strong gains from its facultative business across key industries and regions. Its leaders point to rising demand for climate, infrastructure, and cyber-related reinsurance. Growth is being driven by smart diversification, global positioning, and support for economic resilience.